Correct Answer: Universal and flexible
   

Solution : The correct answer is (b) Universal and flexible

The principles of management are considered universal in the sense that they are applicable to various organizations and industries. While the specific application of management principles may vary based on the context and organizational needs, the fundamental principles remain relevant across different settings. These principles provide a framework and guidelines for effective management practices, such as planning, organizing, leading, and controlling.

Furthermore, the principles of management are also flexible, meaning they can be adapted and customized to suit the unique requirements and challenges of each organization. Managers can apply and modify these principles based on the specific circumstances, goals, and resources of their organization.

Correct Answer: When the entire output is sold in an accounting year.

Solution :

Correct Answer: Both 1 & 2

Solution : The things to think about when choosing an accounting software supplier.
Flexibility.

Adaptability.

the price of installation and upkeep.

a company's size.

level of secrecy.

Hence the correct answer is option 4.

Correct Answer: Accounting ratio

Solution : Answer = Accounting ratio

The accounting ratio may be expressed as an arithmetical relationship between two accounting variables. The term accounting ratio is used to describe significant relationships which exist between figures shown in a Balance Sheet, in a Statement of Profit and Loss, in a budgetary control system.
Hence, the correct option is 2.

Correct Answer: Profit and loss account

Solution : Answer = Profit and loss account

The Profit and Loss Account, also known as the Income Statement, summarizes a company's financial performance over a specific period by detailing revenues, expenses, gains, and losses. It provides insights into the profitability of the business operations during that accounting period.
Hence, the correct option is 1.

Correct Answer: Automated document production

Solution : A computerised accounting system has the following drawbacks:
Expensive training.
Interruptions in service.
Systems failure
Expensive installation fees.
Failure to recognise unexpected mistakes
Security breach

Hence the correct answer is option 3.

Correct Answer: manually

Solution : The manual system of accounting calls for manual adding, subtracting, and totaling as well as the recording of transactions in the original entry books. Hence, the correct option is 1.

Correct Answer: Software, Hardware, People

Solution : Components of computerised accounting system are - 

Software

Hardware

People

Hence the correct answer is option 2.

Correct Answer: System software and application software

Solution : Under a computerized accounting system, software means system software and application software. Hence, the correct option is 2.